The number of mortgage possession claims made in England and Wales was 16 per cent higher in the first quarter of this year than during the same period in 2007, it has been revealed.
According to the latest data from the Ministry of Justice (MOJ), a total of 38,688 claims of mortgage possession were made in the first quarter and 27,530 resulted in court orders being issued.
Many thousands of families are struggling to deal with their debt problems and mortgage arrears are proving a real burden for millions but the MOJ has made clear that not all mortgage possession orders result in homes being retaken.
Official repossession figures are published by the Council of Mortgage Lenders, which recently reasserted its expectation that 45,000 properties in England and Wales will be reclaimed due to debt problems over the course of this year.
Including mortgage arrears, the typical British household has a debt management burden worth just over £57,400, according to Credit Action’s latest data.